The New York startup has created an AI that reads handwritten fax forms, processes prior authorizations, and completes patient intake in less than five minutes, all without asking providers to change the way they work. It has reached multi-million revenues in less than a year and is targeting 4x growth by the end of 2026.
CoralThe New York-based artificial intelligence startup that automates administrative workflows for specialty healthcare providers, has raised $12.5 million in a Series A led by Lightspeed and Z47.
The company was founded in 2024 by Ajay Shrihari, a robotics and artificial intelligence researcher, and Aniket Mohanty, who has a background in medical image processing.
In less than a year of commercial operation, Coral has reached several million in annual revenue and is targeting 4x growth before the end of 2026.
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The problem that Coral is solving is not technological complexity, but administrative volume. In American healthcare, every appointment generates a trail of prior authorization requests, referral packets, insurance eligibility checks, and discharge paperwork.
Much of this flows through fax machines, which remain deeply embedded in clinical workflows despite being a technology from an earlier era.
Instead of trying to replace fax infrastructure, an approach that would require providers to rebuild systems they can’t afford to rebuild, Coral plugs into existing EHR systems, fax lines, and payment portals and automates them.
Suppliers do not change the way they work. Coral changes what happens within that workflow.
The company started in the durable medical equipment sector, one of the most fax-intensive corners of outpatient care, where a single order can require several rounds of documentation before approval.
DASCO, a provider of home medical equipment, was one of the first customers and described response times dropping from hours or days to minutes.
Coral then expanded the same model to infusion centers, where a delayed authorization means a missed dose, not a delayed appointment, and to specialty pharmacies.
In each new vertical, the same administrative bottleneck appeared in the same form.
The product’s core capability is understanding documents at the healthcare-specific clutter level: handwritten fax forms, scanned insurance cards, prior authorization templates, and payment portal screens.
Coral models have achieved 99.7% accuracy on these types of documents, a threshold the company describes as the minimum viable standard for healthcare, where errors have clinical and financial consequences.
Complete patient intake, including complex cases, is now completed in less than five minutes. When information is missing, which is common in this environment, the platform coordinates with payers, patients, and referral sources to resolve the gap without requiring staff intervention.
The strongest signal in business history is not the revenue figure but payment behavior. A portion of Coral’s customers are paying the full value of the contract up front, an unusual dynamic in enterprise software and surprising in an industry where vendor evaluation cycles are often slow and risk-averse.
The explanation is mechanical: when a workflow that previously took hours is completed in less than five minutes with high precision, the return on investment is immediate and visible. Commit now, stop the queue now.
Coral recently launched AI-powered voice and text workflows that automate follow-up with payers, patients, and referral sources, replacing calls that previously required a staff member to pick up the phone.
The next phase of product development includes an AI workflow builder that will allow providers to design and implement their own back-office processes without involving IT, and a co-pilot layer that displays operational intelligence from the data already flowing through the platform: which payers have the highest denial rates and why, where cases get stuck in the authorization process, which referral sources reliably convert and which don’t, and what changes would improve outcomes in claims resubmissions. insurance.
Rohil Bagga, an investor in Lightspeed, described the company as “deliver real results at scale” in an environment where legacy automation has historically failed.
Z47 investor Ashwin KP framed the investment thesis around the specifics of healthcare management: over $1 trillion in annual overhead, chronically underserved by technology and requiring deep vertical expertise to achieve.
The Series A funds team growth and product development, and Coral adds engineering talent along with people who have built careers within healthcare operations.
